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Category Archives: Tax Planning

Election Impact and Year-End Tax Planning Opportunities (Part Two)

By MendenFreiman LLP |

In a recent e-alert, we presented a summary of the potential impact of the election outcome on various areas of tax law. With the possibility of a shift of power in the White House, and the Senate from Republican to Democrat, we could see significant changes in tax laws implemented as early as next… Read More »

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Election Impact and Year-End Tax Planning Opportunities

By MendenFreiman LLP |

In the event of a shift of power in the White House and Senate from Republican to Democrat, we would likely see significant changes in the tax laws. These changes could be implemented as early as next year, to be effective January 1, 2021. In the table below, we present a summary of what… Read More »

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UPDATE: Due Date for GIFT Tax Returns Postponed to July 15

By MendenFreiman LLP |

In Notice 2020-20, the Treasury Department has automatically extended the due date for GIFT tax returns until July 15, 2020. Here is the link: Notice 2020-20 They have not yet extended ESTATE tax returns, but stay tuned!

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The New Internal Revenue Service People First Initiative

By MendenFreiman LLP |

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service (“IRS”) announced on March 25 a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. The new IRS People First Initiative provides immediate relief to help… Read More »

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UPDATE: Due Dates for Estate and Gift Tax Returns are NOT Postponed

By MendenFreiman LLP |

Notice 2020-18 extended the due date for filing income tax returns to July 15, 2020. Initially, there was confusion with respect to whether the Notice also applied to gift tax returns. Yesterday, the Treasury Department confirmed that the due dates for estate and gift tax returns have NOT been postponed. The link to the release is: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers… Read More »

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UPDATE: U.S. Tax Filing Deadline Moved from April 15 to July 15

By MendenFreiman LLP |

In an update to yesterday’s e-alert, the IRS has extended the tax filing deadline to July 15, 2020. Per Treasury Secretary Steven Mnuchin, the extension will give “all taxpayers and businesses … additional time to file and make payments without interest or penalties.” As we mentioned yesterday, the payment deadline had already been extended to July 15… Read More »

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Good News: U.S. Tax Payment Deadline Extended to July 15, 2020 Due to COVID-19

By MendenFreiman LLP |

It is safe to say the economic impact of the COVID-19 pandemic has been felt across the country. To provide some financial relief to millions of Americans, the Treasury Department and the Internal Revenue Service (“IRS”) are providing special tax payment relief by extending the tax payment deadline to July 15, 2020, for individuals and businesses. The tax filing… Read More »

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Supreme Court Ruling Directly Impacts Georgia Law on Taxation of Trust Income

By MendenFreiman LLP |

In a decision that presents meaningful income tax planning opportunities for Georgia residents, especially business owners and wealthy families, the U.S. Supreme Court unanimously ruled in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, 588 U.S. ____, that North Carolina violated the due process clause of the U.S. Constitution… Read More »

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Have You Taken Advantage of the Tax Cuts and Jobs Act Planning Window?

By MendenFreiman LLP |

Important Estate Planning Tips You Should Act on Now Like all things, tax laws constantly change. Together, we need to respond quickly and strategically to the new developments in the tax law landscape. While you should not wait to review your estate plan in light of the passing of the Tax Cuts and Jobs… Read More »

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How the 2017 Tax Act Affects Your Income Tax Return

By MendenFreiman LLP |

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) was signed into law (the “Act”). The Act represents the most sweeping tax legislation since the Tax Reform Act of 1986 and will affect every individual, business owner, and corporate tax payer in the U.S. The Act contains significant changes… Read More »

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